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View attached explanation and answer. Let me know if you have any questions.Slide 1: TitlePolicy Improvement planStudents NameInstitutionSlide 2: Problems with the Tax Cuts and Jobs Act of 2017 (TCJA)The Tax Cuts and Jobs Act of 2017 is a federal policy that was signed into law in 2017,and it brought major changes to the tax code in the United States. However, critics have citedvarious problems associated with this policy. One problem with TCJA is promoting incomeinequalities because it helps the wealthy evade tax on their labor income, reduces the corporatetax rates by a huge margin, and leaves the middle and low-income earners with fewer resources.TCJA also reduced healthcare coverage and increased healthcare costs since it reduced thenumber of people with health insurance covers. Additionally, the policy created adisproportionate impact on some professions and states. Residents of New York, New Jersey,and California will face bigger tax bills due to the proposed changes in the local tax andmortgage deductions.Slide 3: Target PopulationThis policy affects all taxpayers, including corporates. For single tax return filers, thestandard deduction almost doubled from $6350 to $12000 (Smilowitz, 2018). Married couplesnow file their tax returns jointly with the new rates even as the standard deductions increase.Under this policy, more people can choose between standard deductions and itemizeddeductions. Similarly, corporate taxes were set at a flat rate of 21%, while some deductions andcredits were lowered or eliminated.Slide 4: Tax Cuts Rates for Married CouplesMarried couples in each tax bracket will pay taxes according to the new tax rates. Most marriedtaxpayers benefited because the tax cut percentages reduced or remained unchanged.Slide 5: Challenges with this policyThis policy does not promote equality in tax payment for all Americans. Additionally,most of the tax cut provisions in this act will expire in 2025, meaning that the tax rates willincrease after 2025. By 2027, the low-income earning group will have a 0.1% tax increase (Scott#038; Chang, 2017). On the contrary, wealthy individuals will enjoy reduced tax rates by 2027.Therefore, the original purpose of this policy will not be achieved in 10 years.Slide 6: After-tax Earnings by the Year 2027The after-tax earnings for different income brackets will change by 2027, 10 years afterthe bill was passed. The bottom 20% of the low-income earners will suffer the most because theywill have a 0.1% tax increase. On the contrary, the top 0.1% of the highest income earners willenjoy a 2% tax deduction benefit.Slide 7: GOP Tax Policy will Reduce Insurance CoverageThis tax policy by the Republicans will increase the number of uninsured Americans from 28million to 41 million.Slide 8: How to Improve this PolicyThis policy can be improved by including permanent tax cuts spread across all taxbrackets. Additionally, the tax rate should be set at a defined percentage of the GDP. Forinstance, tax rates can be set at 4% of the GDP to sustain a working tax policy. Compliancemeasures under this policy should also be improved to ensure that more people and corporateshonor their tax obligations.Slide 9: Tax Compliance Levels in the USThere is a need to improve the tax compliance levels to ensure more people and corporates paytaxes. The c…
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